KBS Acquired Maitland Promenade One, a 230,371-Square-Foot, Class A+ Asset
ORLANDO, FL, January 18, 2019 – Cushman & Wakefield has arranged the sale of Maitland Promenade One, a 230,371-square-foot, Class A+ office building in suburban Orlando, for $48.5 million. The five-story building is situated in Maitland, approximately 10 miles north of Orlando’s downtown.
The Cushman & Wakefield Investment Sales Team of Executive Director Michael Lerner, Vice Chairman Mike Davis, Executive Director Rick Brugge and Director Rick Colon represented Boston-based TA Realty, a private real estate investment firm, in the disposition. KBS, one of the largest owners of Class A office space in the world, acquired the property.
At 485 N. Keller Road, the building is located within Maitland Center, which is one of the largest suburban office parks in Central Florida. Maitland Promenade One is one of just eight true Class A+ assets located within the office park.
The building was 98.1 percent leased at time of sale to such notable tenants as Spectrum Communications, Allstate, Adventist Health and Taylor Morrison.
The energy-efficient property has earned LEED Gold and Energy Star designations, and on-site amenities include a Nature’s Table café, and fully-equipped fitness center. A covered walkway provides access to a three-story parking garage with an above market parking ratio of 4.7 per 1,000 square feet. Further, Maitland Center’s location provides convenient access to Interstate 4 and short drive times to Orlando’s Central Business District, and high-quality residential options.
“Maitland Promenade One’s high quality, structured parking, diverse roster of credit-worthy tenants and ideal location within one of the region’s most prestigious office parks make it one of the top suburban office buildings in Orlando,” said Lerner. “KBS already owns Maitland Promenade Two, the sister building, so this was a smart, strategic acquisition.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida